Steve Tolley

Reporter

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Ana Botin succeeds her father as Santander group chair

Santander UK’s chief executive Ana Botin has become the banking group’s executive chairman following her father Emilio Botin’s death after 28 years at the helm. Botin has lead the group’s UK arm for three and half years and until a new chief executive is recruited deputy chief executive Nathan Bostock will fill in. Santander UK […]

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Cameron issues plea to Scots on independence as fund groups pull cash

The three political party leaders will be heading to Scotland today to try and secure a vote against independence, as uncertainty over the outcome of next week’s referendum sees fund groups pull money out of the country and amid warnings on the impact on mortgages. The leaders of the three parties will be north of […]

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FCA chief Wheatley defends simplified advice paper

The FCA has defended its recent paper on simplified advice after regulatory experts criticised the document for “solving nothing”. In July, the regulator published the findings of its thematic review into simplified advice and non-advised sales, alongside a guidance consultation which aims to clarify the boundaries of simplified advice. At the time regulatory experts told […]

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TSC chair Tyrie attacks ‘slow and obstructive’ FCA

The Treasury select committee is “fed up” with the FCA’s “slow and apparently obstructive” approach to providing information required by the MPs, chairman Andrew Tyrie says. In a committee session this afternoon, FCA chairman John Griffith-Jones was asked about requests by the TSC for information or documents which the committee feels have not been adequately […]

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Should the FCA be handed power to tap phones?

FCA chief executive Martin Wheatley has suggested the regulator should be given powers to use surveillance and wire tapping in its investigations. In a Treasury select committee hearing this morning, Wheatley was asked by Labour MP John Mann if there were any powers the regulator wanted that Parliament has not yet given it. Wheatley said: […]

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MEPs demand ‘no backward steps’ over bonus cap

MEPs say they will veto the European Commission’s candidate to lead on financial services policy unless they commit to stopping banks avoiding the strict bank bonus cap. Under European rules bank bonuses will from next year be capped at 100 per cent of salary unless shareholders give their approval for them to be higher, when […]

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Kensington sold to Blackstone and TPG for £180m

Investec has announced the sale of Kensington Mortgages to investment firms Blackstone and TPG in a deal worth £180m. Former Barclays chief operating officer Ian Henderson is to set to become chief executive at Kensington Mortgages once the sale is complete. Invested confirmed it was looking to sell Kensington in February. Then in March, it […]

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Liberal Democrats set out pensions tax relief reform plans

The Liberal Democrats will consider introducing a single rate of pensions tax relief of above 20 per cent if they win next May’s general election. The pledge is included in a draft of the party’s manifesto, published this morning, which Liberal Democrat leader and deputy Prime Minister Nick Clegg has a described as a “manifesto […]

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Labour prepares fresh assault on Govt over Nest restrictions

Labour is calling for Nest’s restrictions to be removed immediately after the European Commission confirmed lifting the scheme’s contribution cap and transfer ban would not breach state aid rules. The Government has previously claimed it would “not be lawful” to scrap Nest’s £4,600 annual contribution limit and ban on transfers before a review of the […]

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Govt confirms Nest restrictions to be scrapped in 2017

The Government will launch a technical consultation this autumn on removing the annual contribution limit and bulk transfer restrictions on the National Employment Savings Trust from April 2017. In a written ministerial statement, pensions minister Steve Webb says the Government will also consider removing the individual transfer restrictions from October 1 2015. The statement says: […]